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5 Apr 2016

USD/JPY slumps to fresh 2016 lows at 110.60

The USD/JPY pair keeps falling in the early European trades, and now breaches the yearly lows reached at 110.65 last month.

USD/JPY heading towards 110 – key support

The selling pressure behind the USD/JPY pair intensified over the last hour, after the yen picked-up significant strength as the Japanese stocks dived deeper into the red. At the time of writing, USD/JPY drops -0.63% to fresh one-and-a half year lows of 110.60, while the Nikkei 225 closed down -2.42%.

Ahead in the day, the yen is expected to keep the bids as the poor German data combined with the ongoing risk-off sentiment is expected to weigh on the European markets, which will boost the safe-haven demand for the Japanese currency.

Next on tap for the major, the US services PMI report from both Markit and ISM will be watched, along with the trade balance and JOLTS jobs openings data.

USD/JPY Technical levels to watch

In terms of technicals, the immediate resistance is located at 111.26/28 (1h 20-SMA/ Daily High). A break above the last, the major could test 111.62/64 (5-DMA/1h 50-SMA). While to the downside, the immediate support is seen at 110.50 (Oct 2014 Levels) and below that at 110 (key support).

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